LIBOR – AURORA – SANDY HOOK and more
PART THREE of 4-part series demonstrating connectivity between those involved in the LIBOR scandal…
…and the fathers of the Aurora and Sandy Hook shooters.
Dedicating only a couple of days to my search, I found definite connections linking not only the fathers of the Aurora and Sandy Hook shooters, but CNBC executive, Kevin Krim, whose children had been stabbed in New York – to the most powerful corporate entities on the planet.
My research proves only there is something that connects them.
Starting at the bottom of the connectivity loop where part 2 had left off, (Military and G.E.), a connection will be identified between G.E., whose C.E.O. is Jeffrey Immelt, and Peter Lanza, father of the alleged Sandy Hook shooter, as well as a connection from G.E. to J.P. Morgan and the Federal Reserve.
Below is a screen shot from Peter Lanza’s LinkedIn business profile:
Peter Lanza is Tax Director for G.E. Energy Financial.
Scrolling down Peter Lanza’s profile page to view more of his experience, one discovers Peter Lanza has been with G.E. 15 years - and Ernst & Young, about 4-and-a-half. (Peter Lanza’s son, Ryan, had gotten a job at Ernst & Young in 2008, ten years after Peter Lanza had moved on to G.E.).
In 2005, according to his LinkedIn profile, Peter Lanza would have been a G.E. “Tax Leader” when G.E.’s tax return mushroomed to consisting of 24,000 pages. (The most pages of any tax return in America).
In 2008, 2009, and 2010, the three years leading to Peter Lanza’s promotion to G.E. Tax Director and Vice President, G.E.’s Tax Leaders had done something quite amazing for G.E.’s taxes.
Before I tell you their amazing acheivement, let me tell you about John Samuels.
On a G.E. web page showing corporate executives, John Samuels is listed as Vice President and Senior Counsel for Tax Policy and Planning for G.E..
John Samuels is former Deputy Tax Legislative Counsel and Tax Legislative Counsel for the U.S. Department of the Treasury.
An apparently ambitious man, even while he works for G.E., John Samuels Chairs the International Tax Policy Forum, he’s a fellow of the American College of Tax Counsel, trustee of the American Tax Policy Institute and member of The Business Roundtable Tax Coordinating Committee.
In other words, John Samuels, the ambitious guy who’d been a U.S. Treasury lawyer, is creating tax policies for G.E., the company paying John Samuels to save G.E. money – on G.E. taxes.
Among John Samuel’s tax jobs at G.E., according to his executive profile, is compliance operations.
John Samuels’s former employment at the U.S. Treasury provides a link from G.E. to the Federal Reserve.
Now back to the years leading to Peter Lanza’s promotion and those amazing things G.E.’s Tax Department had done for G.E.’s taxes in 2008, 2009, and 2010.
By 2010, G.E. was paying NO American taxes. In fact, in spite of $5 billion profit, they’d scored a benefit of $3.2 billion.
(Worldwide, G.E. had earned $14.2 billion).
Tax benefit money comes from workers’ paychecks.
You and I paid G.E. $3.2 billion.
It hadn’t even been just G.E. who’d submitted amazing taxes that you and I paid.
In December 2011, the Institute on Taxation and Economic Policy (ITEP), a non-profit, non-partisan research organization, released a report (and warning) about what 265 of America’s biggest corporations have been pulling off.
Crunching numbers from the 2008-2010 period, the Institute found 265 of America’s biggest corporations have been paying what amounts to a 3% state corporate tax rate.
The state average corporate rate is 6.2%
The 3.2% shaved from their taxes made quite a difference. These 265 corporations had made a combined $1.33 trillion over the 2008-2010 period. With their 3% tax rate, they’d been off the hook for $42.7 billion.
(And workers’ paychecks had been on the hook for $42.7 billion).
Below is a screenshot from the Institute on Taxation and Economic Policies’s list of 265 magical, tax-avoiding corporations. This page has G.E. on it, showing the average percentage G.E. paid on their income for 2008, 2009 and 2010. (It’s significantly lower than 3%).
A corporation we’ve seen before also made the Institute on Taxation and Economic Policies’s list.
“…successful large, multi-state corporations have become good at shirking their tax responsibilities to state and local governments. They have been abetted in this effort by America’s major accounting firms, used heavy lobbying and even threats…”
~Institute on Taxation and Economic Policies.
Let me repeat that.
Corporate giants are MAKING MONEY FROM THEIR TAXES.
G.E. amassed $26 billion in American profits the last 5 years and netted benefits of $4.1 billion.
“We are near the top of all industrial companies, but
we can get even better.”
~Jeffrey Immelt, G.E. C.E.O.
Reducing Jeffrey Immelt’s statement: G.E. can control everything.
In spite of hundreds of millions of dollars worth of military contracts I’d found for G.E. Aviation – just for November and December, 2012 – (detailed in G.E.’s shareholder newsletter), G.E. makes more money on money - than products).
Finance is G.E.’s biggest business.
I hadn’t known this prior to writing this article, but G.E. is in the bank business.
(This creates another connection from G.E. to the Federal Reserve).
The tentacle, G.E. Capital, is one of the largest money lenders outside the United States.
Besides in the U.S. there are G.E. banks in Switzerland, Sweden, Hong Kong, Netherlands, Norway, Denmark, Federation of Bosnia and Herzegovina, Hungary, Latvia, Poland, Romania, Czech Republic and Russia.
One of those companies tucked inside a company at G.E. is G.E. Money, inside G.E. Captital.
G.E. accounting trickery – reminiscent of accounting trickery between Ernst & Young, Lehman Brothers and J.P. Morgan’s – lead to a $50 million fine levied against G.E. by the SEC.
“They were trying to manage earnings and it involved bending the rules and breaking them.”
~Paul Miller, University of Colorado accounting professor
The revelations would seem to confirm suspicions many investors had developed about how the company beat or met analysts’ earnings estimates every single quarter for a decade from 1995 through 2004.
~Bloomberg News article, SEC fines G.E. $50 Million
It’s not Fine
The punishments for fraud and theft meted to the giant corporate entities in this article’s connectivity loop have been “fines“.
What if, at a giant corporation, a “fine” is calculated as a cost of doing business?
What if a giant corporation who can pay a fine for a crime without missing a beat, pays a fine, recommits the crime - and profits?
If a laid-off American worker commits fraud, (knowingly misreports or doesn’t comply with terms for unemployment compensation), a laid-off American worker is forced to repay every single penny.
In fact, there are 5 consequences for a laid-off American worker who has committed fraud. These are: Repayment (to the penny), failure to collect in the future, criminal charges, criminal record and inability to secure employment.
Executives at these world’s biggest corporations, whose frauds have been worth millions - and hurt millions - have gotten different punishments than you or I would.
Friends in high (law-making) places
Congress seems to be appealing to a wealthier crowd. The median net worth of the 94 Washington D.C. lawmakers who joined in 2013 is $1,066,515.
Seeings how America’s government was designed to represent you and me, our government should reflect 1% millionaires, as our population does.
Between 2007 and 2010, when most Americans saw their median household net worth drop 39%, the average Congressman’s rose 5%.
Combined, the average 2011 net worth of our 535 members in Congress is $4.5 billion.
Breaking this down, the median net worth for someone in our House of Representatives falls short of a million, at $856,009.
In the Senate, (where laws are created), the median net worth is $2.5 million.
Would $84.35 million, dedicated to 535 people, (the members of Congress) – from just one of America’s giant corporations – given between 2008 and 2010, help explain why members of Congress got wealthier?
During the 2008-2010 period, G.E. spent $84.35 million lobbying.
You’re Being Analyzed
What if a business was able to create software that could control a vast infrastructure with cyber-tentacles increasingly invading every aspect of our lives, our access to needs and what we pay for them?
I wonder how much that software would be worth?
G.E. has many companies I’d never heard of. Like G.E. Software and Science Analytics.
I’ve been able to surmise, judging by the blue grid in the screen capture below, G.E. Software and Analytics has been building quite a capability to “analyze” us.
In the spirit of growing G.E. business.
…data, analytics and computing to grow GE’s businesses…
~Duties of the G.E. Software Sciences and Analytics Team
While researching G.E., I came across another G.E. company I’d never heard of.
G.E. Global Research
“Our scientists and engineers redefine what’s possible, drive growth for our businesses…”
A lot of us like to think of G.E. as an American company making handy things like lightbulbs and refrigerators.
The truth is, G.E. does more financial business than any other – and does more business outside the U.S. than in.
Or, as they say, evidenced in the screen capture below, they’re “home” to 130 countries involved in G.E. “operations“.
G.E. Global Research is the hub of technology development for all of G.E.’s businesses.
24-hour-a-day G.E. Global Research sites are operating in New York and California – as well as Japan, Germany, Brazil, India and China.
“We have great ﬁnancial strength. Between GE Capital and GE Parent, we have $85 billion of cash.”
~C.E.O. Jeffrey Immelt
November/December 2012 newletter to shareholders
I’d listened to a part of a G.E. webcast for investors, featuring G.E.’s C.E.O., Jeffrey Immelt, hearing him confidently tell shareholders G.E. financial services will generate $100 BILLION over the next four years.
How does he know?
~Web page for G.E. Global Research
Jeffrey Immelt, C.E.O. of G.E.
On a December, 2012 CBS show hosted by Charlie Rose, Jeffrey Immelt praised Communist China, saying their government works.
With Jeffrey Immelt steering G.E., G.E. not only has fewer employees, it relies more on foreign workers.
Going from 64% American workers, by 2010 Immelt had exported so many U.S. jobs only 44% of G.E.’s workers are American. Immelt has dumped 15% of G.E.’s U.S. workers, (24,000 people), to hire mainly low-paid Chinese labor.
For many reasons, it had been a startling announcement - made on the heels of a state visit by Chinese President Hu Jintao - when Obama declared G.E.’s. Jeffrey Immelt would head America’s Council on Jobs and Competitiveness.
Immelt “understands what it takes for America to compete in the global economy.”
~President Barack Obama
After Chinese President Hu Jintao’s visit to President Obama in Washington D.C., it had been also been announced new trade deals worth about $45 billion had been struck between Hu Jintao and Obama.
As for Jeffrey Immelt’s work with the Council on Jobs and Competiveness, in G.E.’s November/December 2012 newsletter, Jeffrey Immelt bragged that half the 80 ideas the Job Council presented had been approved.
I can’t help wondering what a guy who’s proclaimed communist China as a good economic model, envisions for America’s workers.
* The Council on Jobs and Competiveness was created by President Obama to replace his Economic Recovery Advisory Board, which had been chaired by former Federal Reserve Chairman Paul Volcker.
Part Four of this research will move up the loop of connectivity from G.E. to J.P. Morgan Chase, its C.E.O. Jamie Dimon - to the Federal Reserve.
I had intended to present this research in three parts, but as I researched, I came across a lot of extra, pertinent information. I believe the research will be better served broken into a final, fourth part.
Thank you for reading through all this information. I appreciate this – and your caring.
Part Four will continue with J.P. Morgan, demonstrating J.P. Morgan’s ties to the Federal Reserve (and G.E.) and finish the loop with the LIBOR scandal.